Fund Managers Flood Europe
As Employees Start Saving

PARIS -- Jean-Francois Guillaud is the sort of savvy young European that U.S. and British money managers are lining up to meet.

Every month, the 34-year-old Mr. Guillaud makes his obligatory French public-pension contribution, even though he knows that it's so much money out the window. "I don't worry about the future of the French retirement system because there's no doubt: It's hopeless," he says.